I was just wondering why the PNG government has delayed its farm out agreements to NGE/ Talisman. So decided to look at the very boring contractual agreements in place with NGE and the PNG government. The only thing that sticks out like a MAJOR SPANNER, is, page 80 of the prospectus:
Approved Work & Expenditure Programme:
Not later than two (2) months before expiration of 2nd year
(a) drilling of an exploration well
The licences were granted in August 2005 and 2006, no drill was ever put down, instead Towner decided in his wisdom that he would travel round the world first class and preach the word of NGE, without success. The caveats in the original licence agreement with the PNG government have been broken and thus the licences are null and void unless there was an extension - which I haven't seen in any announcement from 2007. (please point one out, if I have missed)
Your thoughts?
NGE Price at posting:
15.5¢ Sentiment: Hold Disclosure: Held
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